How Small Business Owners Can Prepare For Tax Season

Chair Desktop Businessman Business Desk Computer

As Founder and CEO of your business, you have enough to worry about when trying to make sure all day-to-day tasks are taken care of, but you must also think ahead. Don’t feel sideswiped by tax season … We have a few tips to keep you organized until it’s time to file your business taxes.

  1. Prioritize: Think about all the tasks you have to accomplish in a day and be sure tax prep is on the list quite often. This will help you keep track of paperwork and spendings that will come in handy as you start to do your taxes.
  2.  Travel: If you’re traveling for work, the expenses may be deductible. Click here for more on what you can and can’t deduct when traveling for business and/or pleasure.
  3. Pay and file on time: The IRS is big on deadlines. While you may have an extension for filing, you must pay your dues by the initial due date. Stay on top of it to avoid adding penalties and interest charges. The Business Tax deadline is a few short weeks away. Are you ready to file? If your answer is no, then it may be time to contact a tax professional.
  4. Be proactive: If you’re just starting a business, you’ll want a system for saving and reporting spendings. Which means you’ll need safekeeping of receipts, even for basic supplies, as things can start to add up really quickly, but can be deducted as business costs later.

Contact Tax Defense Partners today to review and improve your tax situation!